https://www.taxtmi.com/caselaws?id=23002 A loan secured on National Defence Gold Bonds was not deductible as a debt in computing net wealth because the bonds were wholly exempt from wealth-tax, so the debt was secured on property not chargeable to wealth-tax. The later use of the borrowed funds to acquire taxable assets was irrelevant to the operation of section 2(m)(ii). The court therefore answered the reference in the negative and against the assessee. en-us Mon, 23 Jul 1990 00:00:00 +0530 Tue, 15 Dec 2009 18:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23002 A loan secured on National Defence Gold Bonds was not deductible as a debt in computing net wealth because the bonds were wholly exempt from wealth-tax, so the debt was secured on property not chargeable to wealth-tax. The later use of the borrowed funds to acquire taxable assets was irrelevant to the operation of section 2(m)(ii). The court therefore answered the reference in the negative and against the assessee. Case-Laws Wealth-tax Mon, 23 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23002